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121,543 retirees have less than N550,000 in their RSA balance, says PenCom
Seven years after the Federal Government amended the Pension Reform Act, which stipulated that employers should remit 18 per cent of workers’ monthly emoluments into their RSAs, the government is yet to comply with its own law.
The Pension Reform Act promulgated in 2004 had stipulated that workers and employers should contribute 7.5 per cent each of the monthly emoluments into the workers’ RSAs with their respective Pension Fund Administrators.
The amended PRA 2014 mandated all employers under the CPS to raise workers’ pension remittance to 18 per cent.
According to the amended law, eight per cent of the workers’ monthly salaries should be the employees’ contribution, while the employers should contribute the remaining 10 per cent.
As the nation marks the 22nd year of democracy rule, the economy is still marked with poor macroeconomic performance with pockets of improvement in some sectors.
The Streetjournal Magazine is an online investigating media house that specializes on systematic, serious crimes, political corruption or corporate wrongdoing.
Abandoned reports: National Assembly’s long list of endless probes, loud hearings, dead results The Punch
Published 10 May 2021
SUNDAY ABORISADE and
LEKE BAIYEWU examine endless probes by both chambers of the National Assembly and observe that the investigations have produced few or no effects
Consecutively, Speaker of the House of Representatives, Femi Gbajabiamila, asked all ad hoc committees of the House to lay their reports by the end of April 2021. He made the announcement on April 20; reminded the concerned committees again on April 21.
Indeed, many probes have been pending – or even abandoned – by the various panels given the tasks. Yet, hardly does the House sit without resolving to carry out one investigation or the other. It is a similar case in the Senate.
Punch Newspapers
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SUNDAY ABORISADE and LEKE BAIYEWU
Published 10 May 2021
Published 10 May 2021
SUNDAY ABORISADE and
LEKE BAIYEWU examine endless probes by both chambers of the National Assembly and observe that the investigations have produced few or no effects
Consecutively, Speaker of the House of Representatives, Femi Gbajabiamila, asked all ad hoc committees of the House to lay their reports by the end of April 2021. He made the announcement on April 20; reminded the concerned committees again on April 21.
Indeed, many probes have been pending – or even abandoned – by the various panels given the tasks. Yet, hardly does the House sit without resolving to carry out one investigation or the other. It is a similar case in the Senate.